多因素联动对智力资本信息披露的驱动机制研究——基于组态视角的分析

Research on Driving Mechanism of Multi-factor Linkage on Intellectual Capital Information Disclosure-Analysis Based on Configuration

智力资本作为企业发展的核心竞争优势,其信息披露对内有助于企业明确自身定位及发展战略,对外能使投资者全面了解企业价值增值能力。本文选取创业板127家高新技术企业作为研究对象,运用模糊集定性比较分析方法,基于企业内部治理与外部环境双重视角,探讨企业内外部多因素联动对智力资本信息披露的驱动机制。研究结果表明:单个前因条件均不是产生高智力资本信息披露水平的必要条件,智力资本信息披露的驱动机制包括环境驱动、内部治理和内外合力三种类型。相比其他条件,高管持股在各组路径中均为核心条件,对信息披露起到更为重要的作用。研究结果揭示了智力资本信息披露背后多重因素间的复杂本质,为企业与监管部门制定相关信息披露政策提供了参考依据。

As a core competitive advantage for corporate development,intellectual capital information disclosure helps companies clarify their positioning and development strategies internally,and enables investors to understand the value-added capability of enterprises externally.The existing literature mainly discusses the influencing factors of intellectual capital information disclosure from internal and external perspectives.However,traditional quantitative research focuses on the net effect of antecedent variables or the mediating and moderating effects of partial variables,without a holistic view,resulting in an incomplete analysis framework.Therefore,this paper investigates the practical issue of how internal and external factors of enterprises promote the information disclosure of intellectual capital in the knowledge economy.Using the organizational system theory,it constructs a configuration model of intellectual capital information disclosure,and applies the methods of necessary condition analysis and fuzzy-set qualitative comparative analysis(fsQCA).Based on the annual reports and databases of 127 high-tech listed enterprises,this paper analyzes the factors influencing the disclosure from the configuration perspective,including executive background,executive shareholding,board size,marketization process,investor attention,and media coverage.The research results are as follows.On the one hand,a single factor is not necessary for a high level of intellectual capital information disclosure.Compared with other conditions,executive shareholding is a core condition in all paths and plays a more critical role in the information disclosure.On the other hand,there are multiple paths to the information disclosure rather than a single optimal equilibrium.The driving mechanism of the disclosure can be divided into three paths:environment-driven,internal governance,and internal and external synergy.Specifically,in the environment-driven path,the marketization process protects equity incentives,and the high level of market development provides a favorable external environment regarding product market,managerial market,and government support,thus facilitating the improvement of information transparency.In the internal governance path,the enterprise can build a think tank for information disclosure decisions to improve the level of information disclosure.Moreover,in the internal and external synergy path,the internal disclosure willingness of enterprises is strengthened under the influence of external environmental pressure.The findings reveal the complex and interactive nature of multiple factors in intellectual capital information disclosure from a new perspective,and provide references to improve the information efficiency of the capital market.